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2009 Canadian Mortgage Statistics |
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Here are some of the more notable facts from the 2009 CAMMP survey.
The mortgage market:
- 5,400,000: The number
of homeowners with mortgages.
- $186 billion: Total
estimated new mortgage volume this year (down 14% from 2008).
Mortgage activity:
- 27%: Percentage of
mortgage holders that got a new mortgage, switched their mortgage, or
refinanced in the past 12 months.
- 47%: Ratio of people
who got mortgages this year with an amortization over 25 years. (Last year the number was
50%.)
- 34%: Share of new
mortgages arranged by brokers (vs. 35% last year).
- 88%: Number of people
that stayed with their current lender when renewing or refinancing.
(Only 12% left!) Many of these people lost money by choosing to sign their
lender’s renewal letter. Remember, renewals are
negotiable. Ask your lender for their best deal and then call a
mortgage planner to compare.)
- 9%: Percentage of
Canadians “dissatisfied” with their present mortgage. (For the many who
choose to blindly stay with their lender, ignorance is bliss.)
Homeowner equity:
- 48%: The average loan-to-value of Canadian mortgages.
- $130,300: The average
mortgage balance in Canada.
- 80%: The ratio of
mortgage holders with over 20% equity. (This is a somewhat reassuring
statistic for people who fear a bursting real estate bubble.)
- 1%: Approximate
percentage of Canadians mortgage holders whose home is worth less than
their mortgage
Typical mortgage terms selected by Canadians:
- 62%: Chose 4- or 5-year
terms (56% chose 5-year terms)
- 11%: Chose terms over 5
years
- 27%: Chose terms less
than 4 years
Type of rate:
- 68%: Chose a fixed rate
- 27%: Chose a variable
rate
- 6%: Chose a hybrid mortgage (part fixed / part variable)
Rate shopping:
- 1.91: The number of
quotes people get (on average) when shopping for a new mortgage
- 4.74%: The average
5-year fixed mortgage rate over the past 12 months
- 1.23%: The average
5-year fixed discount that banks offered over the past 12 months
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